Progress Software (PRGS) financial statements
Progress Software reported revenue of $978M in fiscal 2025, up 10.3% a year over 9 years.
Net income was $73M and the operating margin 15.7%, against -7.3% in 2016.
Free cash flow was $229M, and the company returned $786,000 in dividends and $105M in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Progress Software's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $405M | $389M | $379M | $413M | $442M | $531M | $602M | $694M | $753M | $978M |
| Cost of revenue | $66M | $69M | $67M | $75M | $62M | $78M | $94M | $127M | $130M | $188M |
| Gross profit | $340M | $320M | $312M | $338M | $380M | $453M | $508M | $568M | $623M | $790M |
| Selling, general and admin | $168M | $147M | $142M | $155M | $154M | $191M | $219M | $239M | $254M | $319M |
| Operating income | -$30M | $57M | $68M | $40M | $108M | $116M | $132M | $111M | $124M | $153M |
| Interest expense | $4M | $5M | $5M | $10M | $10M | $20M | $16M | $31M | $32M | $71M |
| Pre-tax income | -$35M | $52M | $61M | $28M | $97M | $96M | $117M | $80M | $94M | $82M |
| Income tax | $20M | $23M | $11M | $2M | $17M | $17M | $22M | $9M | $26M | $8M |
| Net income | -$56M | $29M | $50M | $26M | $80M | $78M | $95M | $70M | $68M | $73M |
| EPS (diluted) | -$1.13 | $0.60 | $1.08 | $0.58 | $1.76 | $1.76 | $2.15 | $1.57 | $1.54 | $1.66 |
| Diluted shares | 49M | 49M | 46M | 45M | 45M | 45M | 44M | 45M | 44M | 44M |
| Gross margin | 83.8% | 82.2% | 82.3% | 81.8% | 86.0% | 85.2% | 84.3% | 81.8% | 82.7% | 80.8% |
| Operating margin | -7.3% | 14.8% | 17.9% | 9.7% | 24.4% | 21.9% | 21.9% | 15.9% | 16.5% | 15.7% |
| Net margin | -13.7% | 7.5% | 13.1% | 6.4% | 18.0% | 14.8% | 15.8% | 10.1% | 9.1% | 7.5% |
Balance sheet
Fiscal years, from Progress Software's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $250M | $184M | $140M | $174M | $106M | $157M | $256M | $127M | $118M | $95M |
| Receivables | $66M | $61M | $60M | $73M | $84M | $100M | $98M | $126M | $164M | $196M |
| Inventory | — | — | — | — | $0 | $4M | $5M | — | — | — |
| Total current assets | $336M | $263M | $232M | $285M | $239M | $338M | $426M | $331M | $369M | $400M |
| Property, plant and equipment | $50M | $42M | $31M | $30M | $30M | $14M | $15M | $15M | $14M | $14M |
| Goodwill | $278M | $315M | $315M | $433M | $492M | $671M | $671M | $832M | $1.3B | $1.3B |
| Total assets | $755M | $719M | $644M | $881M | $1.0B | $1.4B | $1.4B | $1.6B | $2.5B | $2.5B |
| Total current liabilities | $204M | $208M | $186M | $241M | $263M | $323M | $318M | $352M | $455M | $810M |
| Long-term debt | $120M | $116M | $110M | $284M | $364M | $535M | $612M | $711M | $1.5B | $1.0B |
| Total liabilities | $312M | $314M | $320M | $551M | $696M | $951M | $1.0B | $1.1B | $2.1B | $2.0B |
| Shareholders' equity | $443M | $404M | $324M | $330M | $346M | $412M | $399M | $460M | $439M | $478M |
| Net debt | $2M | -$12M | $11M | $140M | $285M | $405M | $362M | $597M | $1.4B | $1.3B |
Cash flow
Fiscal years, from Progress Software's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $103M | $106M | $121M | $128M | $145M | $179M | $192M | $174M | $211M | $235M |
| Capital spending | $6M | $3M | $7M | $4M | $7M | $5M | $6M | $6M | $5M | $6M |
| Free cash flow | $97M | $102M | $114M | $124M | $138M | $174M | $186M | $168M | $206M | $229M |
| Stock-based compensation | $23M | $14M | $21M | $23M | $23M | $30M | $37M | $41M | $47M | $65M |
| Dividends paid | $0 | $24M | $26M | $28M | $30M | $32M | $31M | $32M | $31M | $786,000 |
| Share buybacks (net) | -$79M | -$74M | -$120M | -$25M | -$60M | -$35M | -$77M | -$34M | -$87M | -$105M |
| Net borrowing | -$9M | -$11M | -$6M | $180M | $87M | -$117M | $602,000 | $188M | $469M | $0 |
| Free cash flow margin | 23.9% | 26.3% | 30.1% | 30.1% | 31.3% | 32.7% | 30.9% | 24.2% | 27.4% | 23.5% |
| Dividends per share | — | $0.50 | $0.56 | $0.61 | $0.66 | $0.71 | $0.70 | $0.71 | $0.71 | $0.02 |
Questions
What was Progress Software's revenue in 2025?
$978M in fiscal 2025, from its 10-K filing.
How much free cash flow does Progress Software generate?
$229M in fiscal 2025 (operating cash flow minus capital spending).
From Progress Software's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.